End of the Road for Lazerpay
Nigerian crypto and Web3 company Lazerpay has announced its closure as of April 13, 2023. The decision wasn’t made lightly, coming from a place of financial hardship after failing to secure funding. Emmanuel Njoku, the founder and CEO, conveyed the weight of this announcement on social media, expressing gratitude for the connections forged within the crypto community and the positive impact their platform has had.
The Struggles Behind the Shutdown
Reflecting on the difficulties, Njoku said, “We fought hard to keep the lights on for as long as possible.” Lazerpay’s troubles aren’t new; they had already laid off staff in November 2022 due to an investor backing out, showcasing the volatile nature of funding in the crypto world. The current closure follows an unfortunate trend for startups battling to maintain operations amid financial uncertainty.
A Smooth Transition for Users
In their farewell message, Lazerpay assured users that their primary concern was making the shutdown as seamless as possible. Users are urged to withdraw any funds—either in traditional bank formats or crypto—before the deadline of April 30, 2023. They also hinted at the possibility for other companies to make offers on their intellectual property, perhaps as a last-ditch effort to recoup losses.
Legacy of Lazerpay: Bridging Gaps
Launched in October 2021, Lazerpay was co-founded by a remarkable trio: Emmanuel Njoku, Abdulfatai Suleiman, and Prosper Ubi, each drawn into the crypto realm at an impressively young age. Engaging over 3,000 businesses and tallying up more than $1 million in transactions is no small feat, showcasing Lazerpay’s contributions to promoting stablecoin payments in diverse markets.
Current Trends in the African Crypto Scene
Notably, Lazerpay isn’t alone in its struggles; the African cryptocurrency space has seen multiple setbacks, including the troubling news from Bitcoin’s peer-to-peer platform, Paxful, declaring its own operational halt. Yet, amidst the turbulence, other ventures like NairaEx continue to thrive, proving that Nigeria’s crypto community has resilience—even if it means bidding adieu to one of its pioneers.
+ There are no comments
Add yours